Resolution professional gets 16 bids from 9 bidders to acquire HDIL

21 Feb 2022 CW Team

On Friday. Crisis-hit realty company Housing Development and Infrastructure Limited (HDIL), which is facing insolvency proceedings, told the media that its resolution professional obtained 16 bids from nine applicants to acquire the firm.

In a regulatory filing, HDIL notified that the Resolution Professional of the company has obtained sixteen resolution plans from nine Prospective Resolution Applicants (PRAs). But, one of the applicants has presented the proposal without the requisite earnest money deposit as needed.

The Resolution Professional is in the process of reviewing the resolution plans according to the conditions of the Insolvency and Bankruptcy Code, 2016, and Regulations framed thereunder.

Housing Development and Infrastructure Ltd (HDIL) is under Corporate Insolvency Resolution Process (CIRP) according to the requirements of the Insolvency and Bankruptcy Code, 2016. Its affairs, business and assets are being managed by the Resolution Professional Abhay N Manudhane, who was appointed by National Company Law Tribunal (NCLT), Mumbai, via an order dated August 20, 2019.

The Mumbai bench of NCLT had ordered to initiate insolvency proceedings against HDIL after permitting the plea filed by Bank of India, claiming default of a loan of Rs 522 crore by the realty firm.

Image Source

Also read: Suraksha Group to acquire Jaypee Infratech through insolvency

Infrastructure Urban

07 Oct 2025

India To Invest $37 Billion To Boost Petrochemical Capacity

India is set to become a major global player in the petrochemicals industry, driven by a planned capital expenditure of $37 billion (Rs 3.1 trillion) aimed at reducing import dependency and enhancing self-sufficiency, according to S&P Global Ratings.In its latest report titled “First China, Now India: Self-Sufficiency Goals Will Add To Petrochemicals Supply”, S&P said India’s large-scale capacity expansion—mirroring China’s earlier push—will likely intensify oversupply pressures in Asia’s petrochemical markets.Currently the world’s third-largest petrochemical consumer a..

Indian Railways Expands Global Exports Of Rail Equipment

Indian Railways has announced that it is rapidly emerging as a global exporter of railway equipment, including bogies, coaches, locomotives, and propulsion systems, under the government’s ‘Make in India, Make for the World’ initiative.According to an official statement, India’s railway products are now reaching over 16 international markets, reflecting the country’s growing capacity to design, develop, and deliver world-class rail solutions.Metro coaches have been exported to Australia and Canada; bogies to the United Kingdom, Saudi Arabia, France, and Australia; propulsion systems t..

RailTel Awards Rs 163 Million Contract To RTNS Technology

RailTel Corporation of India Limited (RailTel), a Mini Ratna Public Sector Undertaking, has awarded a domestic work order worth Rs 163 million to RTNS Technology Private Limited.The contract, issued on 30 September 2025, involves the supply and installation of equipment and related services for one of RailTel’s key customers. The project underscores RailTel’s commitment to advancing technology and communication infrastructure through collaboration with domestic system integrators.RTNS Technology Private Limited, an ISO-certified system integrator, provides comprehensive solutions for perim..